HBAR Ready to Catapult with 85% Growth

On Aug 15, 2023

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Hedera Network, native coin HBAR, is making waves in the crypto market and projecting a significant surge in potential in the coming weeks. The coin is already boasting over 100% in its 24-hour trading volume, while its market value hints at increasing significantly before the weekend.

State of @hedera Q2 2023
Despite a bear market and hostile US regulatory regime, Hedera continues to show resilience.
In Q2, Hedera revenue increased 67% QoQ, added its 29th council member, announced an EVM strategy, and saw increases in all Network Services.
🧵 pic.twitter.com/mRVbUgh2Ke
— Nick Garcia (@NickDGarcia) July 28, 2023

HBAR’s current surge and bullish outlook could be attributed to the increased buying activities in its market and the new social media network, Calaxy, garnering speculations across the crypto community.

HBAR will likely become a high-rewarding coin in the crypto market.

HBAR’s Overbought Condition Has Triggered Divergence Moving Averages – What’s Next?

HBAR price is 12.40% up, trading at $0.07226 in the last 24 hours as of 6:17 am EST. Also, its trading volume has shot up by 102%, recording over $351 million today.

While these surges show the increased buying activities across the asset’s market, the technical analysis could hint at what to expect next.

HBAR/USD Daily Chart

The two consecutive green candle sticks above show the increased buying pressure on HBAR’s market in the last two days.

This reflects on the Bollinger bands, diverging from each other, showing that HBAR’s market condition is overbought and could trigger price correction in the coming days.

Also, HBAR’s Relative Strength Index (RSI) is at 76.45, moving in the overbought region (above 70). This shows the increased buying activities in the crypto market, suggesting more rallies ahead of the potential price correction.

Since the asset is selling more units within a short period, it’s likely to reach its resistance at $0.07953 faster, thus triggering a consolidation phase on HBAR’s price.

Despite the potential consequences of this overbought condition, HBAR still has bullish solid momentum, showing its tendency to break above the nearest resistance at $0.07332 before the next 24 hours.

The overbought market condition above shows that Hedera’s coin, HBAR, has reached new high prices. Profit-taking investors and traders may decide to sell off their holdings at these high prices, thus, resulting in a price correction and consolidation for the coin.

Notwithstanding, HBAR has support at $0.0593 and $0.0694. So, if the consolidation phase pushes the coin’s price down, it’s likely to rebound shortly at its support levels.

Factors That Could Affect HBAR’s Price Movement

The excitement and speculation garnered by the new social network, Calaxy, is a factor that could uphold HBAR’s surge throughout this week. The Hedera network onboarded a social media app expected to attract a mainstream audience to the network.

Before we depart for the weekend, I, on behalf of the @CalaxyApp team, wanted to thank the @hedera community for embracing Calaxy MVP that we released yesterday morning 🥹
It’s been a difficult 3 years and our team worked so hard for this moment but boy was it worth it 😱
1/
— Solo Ceesay (@SoloCeesay) August 12, 2023

The app helps creators monetize their passions by offering a one-stop hub where they can share unique experiences with their community and turn skills into income.

Considering the solutions and objectives of this new social network, traders and investors are developing strong positive sentiments that Hedera’s network will benefit significantly from this integration.

The project is that its coin HBAR would be in demand, thus recording dramatic surges in the long run.

While HBAR looks bullish within the short and long term, investors seeking to diversify their crypto investment portfolio can consider the all-inclusive AI ecosystem, yPredict (YPRED) earlier.

World’s First All-Inclusive AI Platform, yPredict, Reaches $3.4 Million with 20,000+ Investors on Waiting List.

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